BGC Partners: TOFAS BUY Maintained
TL311m NI beat the cons by 26%. Despite a 27% y/y contraction in unit sales, TOASO managed to post a 65% higher EBITDA y/y in 3Q18. EBITDA margin was 16.9% in 3Q18 (12.8% 2Q18). The gains on the gross margin level are mainly owing to the TL depreciation in the quarter leading to windfall gains on exports which comprised 85% of the top line in 3Q18 vs. 63% in 3Q17 and 76% in 2Q18. Yst's tax cuts, particularly on the commercial vehicles, could improve sentiment combined with the attractive valuation.Turk Otomobil Fabrikasi is an automobile manufacturing group based in Turkey. Co. is engaged in manufacturing, assembly and trading of passenger cars and engines, equipment and spare parts. Co. manufactures passenger cars and light commercial vehicles at its plant near Bursa under licenses from Fiat Auto S.p.A. Co., which is a member of Koc Holding A.fi. and Fiat Group, also produces various automotive spare parts used in its automobiles. Co. manufacturing facilities are located in Bursa. Co. also is engaged in the production of Doblo modellight commercial vehicles in Turkey for Fiat.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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